The expert assessed the prospects of the cryptocurrency after the rate hike in the United States

After the decision of the US Federal Reserve System, Bitcoin demonstrates stability, but so far it has not shown a full-fledged turn to growth. After the Fed raised the rate by 25 basis points to 3.75–4.00%, the cryptocurrency was trading in the range of $75-76.5 thousand, but by September 18 it had recovered above $77 thousand. Kirill Komalenkov, Director of Strategic Communications at Bitbanker, told "Izvestia" on September 18.

"The expected rate increase has already been largely taken into account by the market. At the same time, the Fed made it clear that the fight against inflation continues: 16 of the 18 committee members allow at least one more rate increase before the end of the year. Additional support for risky assets was provided by lower oil prices and yields on U.S. government bonds. These factors allowed the market to partially compensate for the initial reaction after the regulator's decision," the expert said.

A positive signal was also received from institutional investors. American spot ETFs for bitcoin recorded about $159 million in net inflows of funds after a period of unstable dynamics.

At the same time, Komalenkov noted that the cryptocurrency remains sensitive to new data on inflation, the labor market and the cost of oil. An additional rate hike or increased expectations of a tight Fed policy may put pressure on the market again.

From a technical point of view, the nearest important level for bitcoin remains the range of $77-80,2 thousand. There is a significant amount of previously purchased coins in this zone, which may create additional resistance.

One bottom: is it worth buying Bitcoin, which has started to grow

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According to the expert, a stronger signal for continued growth will be consolidation above $81.7 thousand, the level of the 365-day moving average. If this value is overcome, the next benchmarks may be $ 83.6 thousand, followed by a range of $ 88-89 thousand.

From below, the key support zone remains the level of $75 thousand. Its loss may pave the way for a decline first to $ 72,000, and with increased pressure — to around $70,000, Komalenkov added.

The expert considers bitcoin trading in the range of $75-82 thousand to be the base scenario for the second half of September. According to him, to reach the levels of $84-89 thousand, it will require the return of stable inflows to ETFs, a further decline in oil prices and bond yields, as well as the absence of new harsh signals from the Fed.

Additional support for the crypto market can be provided by purchases from large companies and a reduction in uncertainty in the regulation of digital assets in the United States. At the same time, the acceleration of inflation, the strengthening of the dollar, new outflows from ETFs and expectations of a rate hike can increase the risk of a repeat decline in bitcoin.

The bitcoin (BTC) exchange rate rose to $80,000 on August 24 for the first time since May of this year. Later, on August 25, the cost of bitcoin exceeded $81 thousand for the first time since May 15.